The mailbox rule, which is the default rule under contract law for determining the time at which an offer is accepted, states that an offer is considered accepted at the time that the acceptance is mailed. Parties can alter their contract to not use the mailbox rule to and determine between themselves at what time an offer will be considered accepted.
Definition from Nolo’s Plain-English Law Dictionary
In contract law, the acceptance of a contract is effective when a properly prepaid and addressed letter of acceptance is posted, as long as it is sent within the time in which the offer must be accepted (and unless the offer requires acceptance by personal delivery on or before the specified date). The mailbox rule is an exception to the general principle is that a contract is formed when acceptance is actually communicated to the offeror.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:19 pm